Bitcoin Price Falls Below $31k – Volatility Is High, D...
Market Analysis

Bitcoin Price Falls Below $31k – Volatility Is High, Demand Is Low.

The price of the leading cryptocurrency, Bitcoin [BTC], fell below $31k, support today on Monday after sideways trading gave an additional downside pressure.

Data from CoinMarketCap and TradingView revealed BTC/USD hitting local lows of $30,630 on Bitstamp on Monday.

Coming just a day after Bitcoin’s lowest weekly close since December last year, the worth action underscored the sensitivity of a market with low volume and network fundamentals still in their recovery phase.

Traders had broadly predicted a move downward after Bitcoin had did not hold on to support levels above, with the integrity of $30k itself being referred to as into the question.

“Volatility, finally for Bitcoin,” in-house trader and analyst Michaël van de Poppe summarized.

Bitcoin Price Falls Below $31k - Volatility Is High, Demand Is Low.

At the time of reporting, BTC/USD is presently trading at $30,700 USD with daily losses at around 3%. A look at buying and sell orders on the leading cryptocurrency exchange Binance revealed considerable demand remaining at $27k and upward, reducing the likelihood of a deeper dive beyond that area.

Among market participants, it had been all about catching the likely price bottom.

Bitcoin Price Falls Below $31k - Volatility Is High, Demand Is Low.

Earlier, van de Poppe had also suggested that the last BTC floor price might not come as a result of a sudden dive or have clearly defined characteristics.

A daily close beneath $31k, nonetheless, has not yet been recorded since January.

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